Q&A: "Do I really need a Realtor to buy a house?"

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Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/S9d

Do I really need a Realtor to buy a house?  The simple answer is, "No."  The smart answer is, "Yes."  Anyone can buy a house without a real estate agent, but there are advantages to having an agent represent you in a home purchase. 

Last year, I sold a property for a wondeful family.  They had bought their home directly from the seller without representation.  When I did the preliminary CMA to determine value, I was surprised at what they paid for the home considering they bought it on the down side of the market collapse of 2008.  In my estimation, they paid $60,000 higher than the market was demanding at the time.

When we listed their home, they received an offer that was quite a bit lower than the list price, and they ultimiately gave concessions that dropped their return approximately $60,000.  With their original purchase price coupled with their concession dollars they actually lost $120,000 on their home.  Buying with an agent could have prevented them from spending more than they should have.

Why should you use an agent when buying a house?

  • An agent can help a buyer purchase in the price range a home should sell in.
  • An agent can help educate a buyer to the process of buying real estate.
  • An agent is a second set of eyes on a property that might be causing blindness in a buyer.
  • An agent can help a buyer find a good home inspector, lender, appraiser, contractor, closing attorney or title company who will look after the buyer's best interest.
  • An agent knows the real estate laws.
  • An agent can help advise a buyer through the negotiations.
  • An agent can look out for a buyer's best interest when the buyer isn't aware of the perils. 
  • An agent can be a buyer's first line of defense in a bad deal or a deal that has gone bad.

Why should you use a Realtor to buy a house? For a lot of reasons, but most of all, for peace of mind. 

 

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Rainmaker
1,391,028
Donna Harris
Donna Homes, PLR - Austin, TX
Realtor, CDPE & ASP - Hill Country Lakeway Austin
All great points. And in my market, you need an agent to get offers turned in timely as houses are selling fast.
Mar 15, 2013 04:06 PM #1
Rainmaker
421,982
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes
Mike, I absolutely love this post. The graphics and all! What great points you address on why buyers NEED to use a realtor. I have heard way too many horror stories.
Mar 15, 2013 04:06 PM #2
Rainmaker
840,084
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

That is so true, Donna.  With multiple offers and all kinds of shenanigans going on, you better be represented.  Oy!

Thank you, Jean.  Have a great weekend.

Mar 15, 2013 04:12 PM #3
Rainmaker
1,589,871
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Good stuff Mike.  Today, no one should buy or sell without professional and reputable representation.....it just doesn't make sense to do it any other way.

Mar 15, 2013 04:16 PM #4
Rainmaker
205,994
Peggy Wester
Realty Executives Integrity - Grafton, WI
Real Estate Agent Ozaukee & Washington County Real

Well said, Mike. Well said.

Mar 15, 2013 04:40 PM #5
Rainmaker
840,084
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Amen, Roger.

Thank you, Peggy. 

Mar 15, 2013 04:41 PM #6
Ambassador
1,504,959
Anna Banana Kruchten
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Mike I simply can't imagine the vast majority of people (9.9999%) even thinking about buying or selling a home without an agent. There is so much to be aware of that it boggles my mind that somebody would take that on without knowing much about real estate, laws and ALL the other items you mentioned.  Excellent Points and Ideas!

 

Featured in BananaTude

 

Mar 15, 2013 05:47 PM #7
Rainmaker
840,084
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Agreed, Anna.  Thanks for the BTude feature.  Have a great weekend.

Mar 15, 2013 05:50 PM #8
Rainmaker
1,158,978
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Mike.  It normally doesn't cost the buyer anything for representation.  A real no brainer.  Hire a Realtor.

Mar 16, 2013 03:27 AM #9
Rainmaker
1,056,657
James Dray
Wise Custom Realty - Bentonville, AR
AR., MO., or OK. I can find the home for you.

Well said Mike but there are those who think they know better than us who do this everyday.  Don't understand but it is what it is.   

Mar 16, 2013 04:06 AM #10
Rainmaker
840,084
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Absolutely, Conrad.

I don't either, James. 

Mar 16, 2013 06:07 AM #11
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Rainmaker
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Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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